The Wamego Community Foundation (WCF) received its tax-exempt status as a 501(c)(3) non-profit corporation from the IRS in October 1998. The first grants to community non-profit agencies were awarded from endowed funds in 2000.

The formation of the WCF created an efficient mechanism through which individuals, families, corporations, non-profit organizations, and private foundations could make gifts to benefit the Wamego community and region. The existence of the Foundation provides the means for an accumulation of a substantial pool of funds over time. Wamego Community Foundation exists solely for donors to give through—not to—in order for donated dollars to continue working locally to improve the quality of life for the citizens of Wamego and the surrounding area.

While a community foundation is technically considered a charity because of its charitable mission and its tax-exempt status, it seldom provides direct charitable services; rather, it is a source of funding for other charitable organizations.

WCF helps donors build a lasting source of funds for scholarships, community projects, and contributions to charitable causes. The Foundation manages a pool of investment assets and periodically distributes portions of the assets or income earned by those assets to various other charitable causes and organizations.

The Board of Directors of Wamego Community Foundation meets monthly to conduct the business of the Foundation. A portion of the Board of Directors is elected annually from members of the community. The community advisors are a voluntary group appointed by the president of the Board. Each director is elected for a term of three years and may be twice elected to a three-year term.